Net WAC Cap Rate. With respect to any Distribution Date, the product of (i) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Net WAC Cap Rate. With respect to any Distribution Date and any Class of Class A, Class M or Class B Certificates, a per annum rate equal to the excess, if any, of (A) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans, weighted based on their Stated Principal Balances as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, over (B) a per annum rate equal to the sum of the Net Swap Payment and Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, in each case on such Distribution Date (to the extent not paid by the Supplemental Interest Trust from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee), divided by the outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date, multiplied by 12. The Net WAC Cap Rate for such Classes of Certificates (other than the Class B Certificates) will be calculated based on a 360-day year and the actual number of days elapsed in the related Accrual Period. With respect to any Distribution Date and each REMIC III Regular Interest the ownership of which is represented by a Class A, Class M or Class B Certificate, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period, except in the case of each REMIC III Regular Interest the ownership of which is represented by the Class B Certificates) of the Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II Regular Interest IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.
Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate (which will not be less than zero) equal to (i) the product of (a) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date, and (b) a fraction expressed as percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period minus (ii) the product of (a) a fraction expressed as a percentage, the numerator of which is the amount of any Net Swap Payments or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, and (b) a fraction expressed as percentage, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period.
Examples of Net WAC Cap Rate in a sentence
It is not necessary for us to come to a final view on whether detrimental reliance is an essential element of the doctrine of substantive legitimate expectations.
ARTICLE X TAX MATTERSDescription of REMICs and Designation of REMIC Interests .REMIC IUncertificated REMIC IInitial UncertificatedAs provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the HELOCs and certain other related assets subject to this Indenture and the Basic Documents (other than the Net WAC Cap Rate Carryover Reserve Account) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”.
More Definitions of Net WAC Cap Rate
Net WAC Cap Rate. The Group I Net WAC Cap Rate, Group II Net WAC Cap Rate or Subordinate Net WAC Cap Rate, as applicable.
Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to (i) the product of (a) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on the Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date, and (b) a fraction the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period minus (ii) the product of (a) a fraction expressed as a percentage, the numerator of which is the amount of any Net Swap Payments or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, and (b) a fraction expressed as percentage, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period.
Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate (which will not be less than zero) equal to (i) the product of (a) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date, and (b) a fraction expressed as percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period minus (ii) the product of (a) a fraction expressed as a percentage, the numerator of which is the amount of any Net Swap Payments or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, and (b) a fraction expressed as percentage, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period. Non-Permitted Holder: A Holder or Beneficial Owner of an interest in a Global Class B Certificate or a Definitive Class B Certificate that is a United States Person and (i) with respect to a Global Class B Certificate, is not a Qualified Institutional Buyer and that becomes the Beneficial Owner of an interest in a Rule 144A Global Class B Certificate, (ii) with respect to a Definitive U.S. Class B Certificate, is not (x) a Qualified Institutional Buyer or (y) an Accredited Investor and that becomes the Beneficial Owner of an interest in a Definitive U.S. Class B Certificate or (iii) does not have an exemption available under the Securities Act. Non-United States Person: Any Person other than a United States Person. Nonrecoverable Advance: Any Advance previously made or proposed to be made by the Master Servicer or Subservicer in respect of a Mortgage Loan (other than a Deleted Mortgage Loan) which, in the good faith judgment of the Master Servicer, will not, or, in the case of a proposed Advance, would not, be ultimately recoverable by the Master Servicer from related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. To the extent that any Mortgagor is not obligated under the related Mortgage documents to pay or reimburse any portion of any Servicing Advances ...
Net WAC Cap Rate. With respect to any Distribution Date, the sum of (a) the product of (i) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period, and (b) a per annum rate equal to (i) the amount, if any, required to be paid under the Hedge Agreement with respect to such Distribution Date divided by (ii) the aggregate Certificate Principal Balance of the Class A Certificates, Class M Certificates and Class B Certificates immediately prior to such Distribution Date, multiplied by a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Interest Accrual Period.
Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate (which will not be less than zero) equal to the excess of (i) the product of (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans using the Net Mortgage Rates in effect for the scheduled payments due on such Mortgage Loans during the related Due Period, and (b) a fraction expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period, over (ii) the product of (a) a fraction expressed as a percentage the numerator of which is the product of (x) the amount of any Net Swap Payments or Swap Termination Payments not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and (y) 12, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution Date, and (b) a fraction expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period. For federal income tax purposes, however, the Net WAC Cap Rate is expressed as a per annum rate equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates on the REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balance of each such REMIC I Regular Interest.
Net WAC Cap Rate. With respect to any Distribution Date and the Class A and Class M Certificates, a per annum rate (which will not be less than zero) equal to the excess, if any, of (I), the product of (A) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) of the Mortgage Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period and (B) a fraction expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period, over (II) the product of (A) a fraction expressed as a percentage, the numerator of which is any Net Swap Payments owed to the Swap Counterparty or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on such Distribution Date and (B) a fraction expressed as a percentage, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period. For federal income tax purposes, however, with respect to any Distribution Date and the REMIC II Regular Interests the ownership of which is represented by the Class A Certificates and Class M Certificates, a per annum rate equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balance of each such REMIC I Regular Interest immediately prior to such Distribution Date, multiplied by a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Interest Accrual Period.
Net WAC Cap Rate. With respect to the Offered Certificates and any Distribution Date, a per annum rate (which will not be less than zero) equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans using the Net Mortgage Rates in effect on such Mortgage Loans during the related Due Period (minus, with respect to the Class A-3 Certificates, the Certificate Insurer Premium Rate), multiplied by a fraction, expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period for such Certificates.